EXHIBIT A PROPERTIES THAT NEED TO BE RELINQUISHED. This exhibit describes those properties that the Receiver has determined that
|
|
- Andra Watts
- 5 years ago
- Views:
Transcription
1 EXHIBIT A PROPERTIES THAT NEED TO BE RELINQUISHED This exhibit describes those properties that the Receiver has determined that consensual foreclosure appears to be in the best interests of the receivership estate and the Wextrust stakeholders as a whole. The Receiver will submit a motion and proposed order seeking the Court s approval for the relinquishment of these properties, on notice to all interested parties. Wextrust Equity Partners 410 E. Magnolia, LLC. 410 E. Magnolia consists of three units of a four-unit residential beach-house condominium building located in Wildwood, New Jersey. The property has secured debt in excess of $380,000, which is currently in default. The property, which needs repairs following the departure of renters, is typically rented out during the summer months. Real estate values in the Wildwood area have plummeted, and there is substantial overcapacity in the local marketplace. A recent appraisal conducted by the lender estimated the units worth at approximately $350,000. After discussions with the lender, the lender has agreed to cap its secured claim on the property at $350,000, allowing the Receiver some period of time to market the property. All marketing costs and property costs are being paid for by the lender. To the extent the Receiver is successful in selling the property for an amount in excess of the lender s capped claim, the proceeds will be available to the estate. Alternatively, the lender has agreed to a short-sale in return for a release of any deficiency claims against the Wextrust Entities. Hilltop Apartments, LLC. Hilltop Apartments consists of a 132-unit residential apartment complex located in Anderson, Indiana. The property has secured debt of - 1 -
2 approximately $3,159,000, which is currently in default. Moreover, the apartment complex was already the subject of foreclosure proceedings prior to the commencement of the receivership and a separate receiver was appointed by the state court to manage the complex. The complex presently has approximately 70% occupancy with substantial sums ($800,000) due in deferred maintenance. Based on market analysis conducted by his advisors, the Receiver believes that current market valuations for the property are less than $2,000,000. Hilltop Apartments, LLC has no equity in the underlying property. The Receiver intends to enter into a stipulation of foreclosure or an agreement to sell the property out of the existing mortgage receivership with the mortgage lender in 2009 which would release the receivership estate from any further liability or responsibility for the complex and extinguish all deficiency claims. Riverside Arcade, LLC. Riverside Arcade owns the Arcade office/retail building located in Riverside, IL. Prior Wextrust management gutted the building and had substantially completed renovations of the property when construction stopped in The property has a secured debt of $2.8 million, which was declared in default in October The building is vacant and in need of minor (but necessary) repairs. The Village of Riverside has examined the property and requested an immediate sale. The Receiver has received several expressions of interest in the property and Hilco is working with those potential buyers to consummate a transaction, with, hopefully, some return to the estate. Before a transaction can take place, negotiations must occur with the lender. If a transaction cannot be accomplished within the short term, the Receiver intends to relinquish the receivership s interest at the earliest appropriate time, probably through a deed in lieu of foreclosure
3 Wextrust Development Group Chicago Suburban Condominium Town Home Development. Beginning in 2005, Wextrust Securities raised approximately $13.5 million ($8 million in debt and another $5.5 million in equity) to finance Hamptons of Hinsdale, a 116-unit residential development in Hinsdale, Illinois, 20 miles west of Chicago. The project is located on a 12.4-acre parcel of land purchased on July 15, 2002 for $18,000,000. The project contemplates a total of 12 structures, including: (a) seven buildings containing a total of 23 luxury townhouses; and (b) five larger buildings with a total of 93 condominium apartments, with prices ranging from $339,900-$697,900 for condominiums and $695,000- $940,000 for townhomes. The total development budget for the site was approximately $41 million, including the purchase of the land. The secured debt on the project is approximately $24 million, with $20 million coming from a commercial mortgage lender and another $8 million from the Hamptons of Hinsdale mortgage fund (part of the private placement investment in the property). The site work, including streets, drainage and utilities, has been substantially completed. One townhouse building, which has 4 units, is nearly completed and one unit is occupied. One of the five apartment buildings has been partially completed and is now undergoing a winterization funded by the commercial mortgage lender. The town house unit was sold prior to the commencement of the receivership for $1,017,734. After consultation with Hilco, and based to a large extent on current poor economic conditions and the drop in condominium sales in this area, the Receiver has determined that continued development of project by the Receiver is not economically viable and will not result in a return to either category of investors. The Receiver has received several inquiries from developers and a transaction involving a possible joint - 3 -
4 venture with one of these developers which would recapture some portion of the investor contribution is currently being considered. Unless this type of transaction can be expeditiously arranged, the Receiver expects to relinquish the receivership estate s interest in the development to the commercial mortgage lender. However, as described above, this relinquishment will require District Court approval. Chicago Suburban Subdivision. Beginning in 2006, Wextrust Securities raised approximately $2.6 million to finance Stonebridge Woods, a single family home subdivision project in the suburban village of Homer Glen, Illinois, 11 miles southwest of Chicago. The project contemplated the construction of 28 custom built homes, with prices ranging from $740,000 to $1,100,000. The land for the project was purchased in March 2006 for $4,113,875. The secured debt on the project is approximately $4.7 million and is currently in default. WDG has built two homes and completed improvements (e.g., sewage, drainage and utility conduits) on the remaining 26 lots. The two completed homes are listed for sale for $890,000 and $675,000, respectively. After consultation with Hilco, and based in part on poor conditions for residential development in suburban Chicago, the Receiver has determined that the bulk sale of the lots and two finished homes will not be sufficient to pay the mortgage lender and there will be no return to investors. The Receiver intends to enter into negotiations with the mortgage lender for a deed in lieu of foreclosure and for release of any deficiency claim. Chicago Condominium Development No. 1. Beginning in 2008, Wextrust Securities raised approximately $1.1 million in private placement investments to finance the development and construction of 625 Paragon, a 28-story condominium project located on Division Street in the Old Town area of Chicago s North Side. The project - 4 -
5 contemplated 241 mixed-income condominium apartments. The Receiver is currently conducting an investigation with respect to the level of secured debt on this property, some of which (approximately $2.4 million) was funded by Wextrust, with part of that funding coming from Wextrust High Yield Fund III. WDG, through an entity called 625 Paragon Holdings, LLC, was to have made an equity contribution to a joint venture with John Breugelmans, the developer of 625 Paragon, but no such contribution was made and Breugelmans never contributed the property itself. However, Wextrust still has claims against the property based on its secured debt positions, the levels of which are disputed by Breugelmans. That debt would also be subject to the first mortgage position of Broadway Bank on a loan it made to a Breuglemans-owned entity, 625 W. Division Condominiums, L.P., in the amount of $5.35 million. The joint venture has never broken ground on the project. The Receiver has determined not to participate further in any funding of the Paragon development project and to assert liens and other claims against the property. However, because any Wextrust lien position would be junior to the first mortgage of Broadway Bank and the value of property in its current condition would not pay the first mortgage, the Receiver does not expect any recovery based on Wextrust liens. The Receiver s counsel has entered into settlement negotiations with Breugelmans relating these liens positions and other aspects of his business relationship with Wextrust. Chicago Condominium Development No. 2. Beginning in 2005, Wextrust Securities raised $4,450,220 to finance 2435 West Belmont, a 48-unit condominium project in the Hamlin Park neighborhood of Chicago s North Side, with contemplated selling prices ranging from $378,000 to $472,500 for market-rate units (the project - 5 -
6 included 8 affordable housing units with contemplated selling prices of $155,000 and $160,000). The site for the project was purchased on February 15, 2007 for $3,344,008. The construction budget for the project was $8,362,000 in hard costs and approximately $2,807,000 in soft costs. To date, an industrial building on the site has been demolished and the foundation for the apartment building has been completed. The secured debt on the project is approximately $3.5 million plus whatever the joint venture entered into by WDG drew down to finance demolition and preliminary site work. Prior to the commencement of the receivership, litigation ensued regarding the joint venture between WDG and Anita Goyal, the developer and owner of Centerstone Development, the general contractor. All construction activity has ceased. Ms. Goyal and Centerstone Development are currently the subject of involuntary bankruptcy petitions pending in the United States Bankruptcy Court for the Northern District of Illinois. Based on his consultations with Hilco, the Receiver has determined not to continue with the development of this property and to work with the mortgage lender in relinquishing the estate s interest in the property. This process is somewhat complicated by the aforementioned involuntary bankruptcy cases against Anita Goyal and Centerstone Development and may necessitate a formal foreclosure. However, Hilco has recently communicated with an investor group who expressed an interest in acquiring the secured positions of the mortgage holder on this property and 2825 Oakley (discussed below) and making some payment to WDG and the Goyal-owned joint venture partner. However, no agreement has been reached by any of the involved parties. Chicago Condominium Development No Oakley is a 19-unit luxury townhome project in the Lakeview neighborhood of Chicago, with originally - 6 -
7 contemplated selling prices ranging from $638,000 to $765,000 for condominiums and $899,000 to $1,370,000 for town homes. The land was purchased on September 29, 2005 for $2.4 million. No construction has commenced. The secured debt on the property is approximately $2.4 million. Like 2435 West Belmont, 2825 Oakley was a form of joint venture with Anita Goyal and her company Centerstone Development, which also acted as general contractor on this development. As is the case with 2435 West Belmont, prior to the commencement of the receivership litigation had already ensued regarding the joint venture between WDG and Anita Goya and Goyal and Centerstone Development are the subject of involuntary bankruptcies. All construction activity has ceased. The situation facing the Receiver is almost identical to 2435 West Belmont. The Receiver has determined not to continue with the development of this property and to work with the mortgage lender in relinquishing the estate s interest in the property. As noted above, Hilco has recently communicated with an investor group who expressed an interest in acquiring the secured positions of the mortgage holder on this property and 2435 West Belmont (discussed above). However, none of the involved parties has reached any agreement. Wisconsin Condominium Development. SF Development Co., wholly owned by WDG, purchased a 7.5 acre site in St. Francis, Wisconsin, a lake front community south of Milwaukee, on September 14, 2005, for $4,000,000. SF Development contemplated building a 250-unit condominium development on the site. No plans were drawn. Wextrust does not appear to have raised money for this project from private placement investors. The purchase was financed by the seller, a not for profit group called Eastcastle Place. Eastcastle holds a first mortgage loan in the amount of approximately - 7 -
8 $3.4 million, with Wextrust having contributed approximately $600,000 of the remaining purchase price. Subsequent to the commencement of the receivership, the borrower, SF Development, defaulted on the loan. Because there currently is no equity in the property, the Receiver has determined not to continue with the development of this property. Discussions have commenced with the mortgage lender to relinquish any interest in the property through a deed in lieu of foreclosure or other procedure
REAL ESTATE TOPICS JUNE 1, 2008 NEGOTIATING AND STRUCTURING JOINT VENTURE AND LLC AGREEMENTS
BENNETT VALLEY LAW REAL ESTATE TOPICS JUNE 1, 2008 NEGOTIATING AND STRUCTURING JOINT VENTURE AND LLC AGREEMENTS Parties negotiate joint venture agreements in the spirit of optimism. Anxious to combine
More informationRECEIVER S PLAN FOR MANAGEMENT OF WEXTRUST REAL ESTATE PORTFOLIO
UNITED STATES DISTRICT COURT SOUTHERN DISTRICT OF NEW YORK SECURITIES AND EXCHANGE COMMISSION, - against - Plaintiff, STEVEN BYERS, JOSEPH SHERESHEVSKY, WEXTRUST CAPITAL, LLC, WEXTRUST EQUITY PARTNERS,
More informationStaying Alive! How New Lease and Other Leasehold Mortgagee Protection Provisions Really Work When the Ground Lessee Defaults
Staying Alive! How New Lease and Other Leasehold Mortgagee Protection Provisions Really Work When the Ground Lessee Defaults By: Janet M. Johnson 1 When entering into a long-term ground lease with a ground
More informationAFFIDAVIT OF UNDERSTANDING
AFFIDAVIT OF UNDERSTANDING THIS IS AN IMPORTANT LEGAL DOCUMENT CONCERNING THE SALE OF YOUR HOUSE AND SHOULD BE READ CAREFULLY. IF YOU HAVE ANY QUESTIONS, CONTACT AN ATTORNEY BEFORE SIGNING. STATE OF )
More informationWESTERN NEW YORK REAL ESTATE INFORMATION SERVICES, LLC EXCLUSIVE RIGHT TO SELL PROPERTY LISTING AGREEMENT 2007
WESTERN NEW YORK REAL ESTATE INFORMATION SERVICES, LLC EXCLUSIVE RIGHT TO SELL PROPERTY LISTING AGREEMENT 2007 1. PARTIES. The parties to this Agreement are as follows: ML# a. Owner: ( Owner ) whose address
More information6 Model Leasehold Mortgagee Protections (Maximum) TABLE OF CONTENTS I. DEFINITIONS LOSSES AND LOSS PROCEEDS A. Prompt Notice B. Casualty C.
6 Model Leasehold Mortgagee Protections (Maximum) TABLE OF CONTENTS I. DEFINITIONS II. LOSSES AND LOSS PROCEEDS A. Prompt Notice B. Casualty C. Substantial Condemnation D. Insubstantial Condemnation E.
More informationPROPERTY ASSESSED CLEAN ENERGY ( PACE ) APPLICATION
Application Number: PROPERTY ASSESSED CLEAN ENERGY ( PACE ) APPLICATION The purpose of this Application is to allow a property owner to apply for approval for Lone Star PACE LLC ( LSP ) Program financing.
More informationClient Alert. A Pennsylvania Commercial Lender s Guide to Collecting Debts in New Jersey
Client Alert A Pennsylvania Commercial Lender s Guide to Collecting Debts in New Jersey Pennsylvania commercial lenders may be surprised when collecting debts in New Jersey. This alert outlines some material
More informationShort Sales. A Win Win Solution for Everyone Involved
Short Sales A Win Win Solution for Everyone Involved Prepared for: North American Title Company June 5, 2008 Prepared by: Ildiko Pali Real Estate Broker Short Sale Specialist 415 412 8721 (mobile) 415
More informationWELCOME. New Reality: Strategies for Today's Real Estate Market
WELCOME New Reality: Strategies for Today's Real Estate Market Attorney Advertising Prior results do not guarantee a similar outcome Models used are not clients but may be representative of clients 321
More informationTechnical Line SEC staff guidance
No. 2013-20 Updated 27 August 2015 Technical Line SEC staff guidance How to apply S-X Rule 3-14 to real estate acquisitions In this issue: Overview... 1 Applicability of Rule 3-14... 2 Measuring significance...
More informationPrivate Investor Short Sale Packet
Private Investor Short Sale Packet. Thank you for contacting ( Financial Freedom ) regarding a potential Third Party Short Sale. Enclosed you will find the information necessary to request a Third Party
More informationOak Glen Apartments. A Briefing to the Housing Committee. Housing/Community Services Department April 6, 2015
Oak Glen Apartments A Briefing to the Housing Committee Housing/Community Services Department April 6, 2015 Purpose Provide background information regarding the Oak Glen Apartments Located at 2120 52 nd
More informationMAINE FORECLOSURE LAW * June 19, Presented by: Stephanie A. Williams, Esq.
MAINE FORECLOSURE LAW * June 19, 2010 Presented by: Stephanie A. Williams, Esq. PERKINS THOMPSON One Canal Plaza, PO Box 426 Portland, ME 04112-0426 207-774-2635 swilliams@perkinsthompson.com Two types
More informationFreddie Mac Condominium Unit Mortgages
For all mortgages secured by a Unit in a Project, Sellers must meet the requirements of Freddie Mac Single-Family Seller/Servicer Guide (Guide) Chapter 5701, Special for s, and the Seller s other Purchase
More informationREA L ES TATE PRACTICE
REA L ES TATE PRACTICE CHI C AG O LO S AN GE LE S NE W YO R K WAS H IN GTO N, D C Our attorneys have experience in nearly every facet of real estate transactions and are skilled at handling the most complex
More informationFreddie Mac Condominium Unit Mortgages
For all mortgages secured by a Condominium Unit in a Condominium Project, you must meet the requirements of Freddie Mac Single-Family Seller/Servicer Guide (Guide) Chapter 5701, Special for Condominiums,
More informationDEVELOPER S CONTINUING DISCLOSURE STATEMENT
CITY OF SALISBURY, MARYLAND $9,775,000 THE VILLAGES AT AYDELLOTTE FARM PROJECT SPECIAL OBLIGATION BONDS SERIES 2007 THE VILLAGES AT AYDELOTTE FARM PROJECT (CITY OF SALISBURY, MARYLAND) DEVELOPER S CONTINUING
More informationCase 3:17-cv RS Document 385 Filed 04/27/18 Page 1 of 10
Case :-cv-00-rs Document Filed 0// Page of 0 Elizabeth Berke-Dreyfuss (Bar No. ) WENDEL, ROSEN, BLACK & DEAN LLP Telephone: (0) -00 Fax: (0) - Email: edreyfuss@wendel.com Attorneys for Susan L. Uecker,
More informationARLINGTON COUNTY, VIRGINIA. County Board Agenda Item Meeting of September 24, 2016
ARLINGTON COUNTY, VIRGINIA County Board Agenda Item Meeting of September 24, 2016 DATE: September 20, 2016 SUBJECT: Allocation of Fiscal Year 2017 Affordable Housing Investment Fund (AHIF) loan funds for
More informationKenneth M. Jacobson. Partner West Monroe Street Chicago, IL Practices.
Kenneth M. Jacobson Partner +1.312.902.5445 kenneth.jacobson@kattenlaw.com 525 West Monroe Street Chicago, IL 60661-3693 Practices FOCUS: Real Estate Distressed Property Real Estate Finance and Lending
More informationWe can help you in the following areas...
We can help you in the following areas... * Residential and Commercial Real Estate Closings *Title Insurance * 1031 Tax Deferred Exchanges *Business Formation and Representation * Divorce *Personal Injury
More informationReal Estate Foreclosure & Loss Mitigation
Real Estate Foreclosure & Loss Mitigation Presented by: Keri P. Ebeck, Esq. September 2015 Pre-Foreclosure Considerations Breach Letters Act 6 and Act 91 If not, Mortgage and Promissory note may require
More informationSHOPOFF PROPERTIES TRUST, INC.
SHOPOFF PROPERTIES TRUST, INC. SUPPLEMENT NO. 1 DATED OCTOBER 1, 2009 TO THE PROSPECTUS DATED AUGUST 17, 2009 This document supplements, and should be read in conjunction with, our prospectus dated August
More informationMarch 20, TO: All MAAO Members FROM: MAAO President Stephen C. Behrenbrinker, CAE, RE: MAAO-DOR Foreclosure Advisory Document
March 20, 2008 TO: All MAAO Members FROM: MAAO President Stephen C. Behrenbrinker, CAE, RE: MAAO-DOR Foreclosure Advisory Document Greetings! On behalf of the Minnesota Association of Assessing Officers
More informationThis document is available via in a Microsoft Word format upon request.
This document is available via e-mail in a Microsoft Word format upon request. Development's Name Development's Location Applicant's Name Address Low Income Housing Tax Credit Program Application Part
More informationCase 3:17-cv RS Document 200 Filed 07/28/17 Page 1 of 9 UNITED STATES DISTRICT COURT NORTHERN DISTRICT OF CALIFORNIA SAN FRANCISCO DIVISION
Case :-cv-00-rs Document 0 Filed 0// Page of Elizabeth Berke-Dreyfuss (Bar No. ) WENDEL, ROSEN, BLACK & DEAN LLP Telephone: () -00 Fax: () - Email: edreyfuss@wendel.com Attorneys for Susan L. Uecker, Receiver
More informationWaveland Financial / Badger Real Estate Advisors
Waveland Financial / Badger Real Estate Advisors Real Estate t Advisory Services SOLVING PROBLEMS CREATING VALUE Contents I. Waveland Financial II. Badger Real Estate Advisors, LLC III. The Waveland /
More informationFROM: CITY MANAGER DEPARTMENT: PLANNING AND COMMUNITY ENVIRONMENT DATE: APRIL 11, 2005 CMR:213:05
TO: HONORABLE CITY COUNCIL FROM: CITY MANAGER DEPARTMENT: PLANNING AND COMMUNITY ENVIRONMENT DATE: APRIL 11, 2005 CMR:213:05 SUBJECT: PRESERVATION OF TWO BELOW MARKET RATE UNITS AT 777-57 SAN ANTONIO ROAD
More informationSTANDARD MASTER ADDENDUM
Page 1 of 8 STANDARD MASTER ADDENDUM This Standard Master Addendum (hereinafter the SMA ) is entered into by the and (together referred to hereinafter as the Parties ) in conjunction with the Purchase
More informationIN AND FOR THE COUNTY OF MARICOPA ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )
Guttilla Murphy Anderson, P.C. 5415 E. High Street, Suite 200 Phoenix, AZ 85054 (480 304-8300 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 Guttilla Murphy Anderson, P.C. Patrick M. Murphy (Ariz.
More informationLending to TIC Owners - the Trends, the Risks, the Rewards
Lending to TIC Owners - the Trends, the Risks, the Rewards OVERVIEW 1. What is TIC ownership? 2. Why do owners choose TIC ownership, especially in multifamily housing? 3. The basics of 1031 tax-deferred
More informationBANK FINANCE AND REGULATION Multi-Jurisdictional Survey SECURITY OVER COLLATERAL. USA - MINNESOTA Briggs and Morgan, P.A.
BANK FINANCE AND REGULATION Multi-Jurisdictional Survey SECURITY OVER COLLATERAL USA - MINNESOTA Briggs and Morgan, P.A. CONTACT INFORMATION Steven J. Ryan Briggs and Morgan, P.A. 2200 IDS Center 80 S.
More informationAGENDA SPECIAL MEETING BOARD OF DIRECTORS RANCHO CALIFORNIA WATER DISTRICT
AGENDA SPECIAL MEETING BOARD OF DIRECTORS RANCHO CALIFORNIA WATER DISTRICT Board Room Rancho California Water District 42135 Winchester Road Temecula, California Tuesday, July 8, 2014 8:30 a.m. INTRODUCTION
More informationAGENDA SPECIAL MEETING BOARD OF DIRECTORS RANCHO CALIFORNIA WATER DISTRICT
AGENDA SPECIAL MEETING BOARD OF DIRECTORS RANCHO CALIFORNIA WATER DISTRICT Board Room Rancho California Water District 42135 Winchester Road Temecula, California Thursday, July 3, 2014 8:30 a.m. INTRODUCTION
More informationCase 3:17-cv RS Document 248 Filed 10/18/17 Page 1 of 9 UNITED STATES DISTRICT COURT NORTHERN DISTRICT OF CALIFORNIA SAN FRANCISCO DIVISION
Case :-cv-00-rs Document Filed // Page of Elizabeth Berke-Dreyfuss (Bar No. ) WENDEL, ROSEN, BLACK & DEAN LLP Telephone: () -00 Fax: () - Email: edreyfuss@wendel.com Attorneys for Susan L. Uecker, Receiver
More informationCITY AND COUNTY OF HONOLULU DEPARTMENT OF BUDGET & FISCAL SERVICES ADMINISTRATIVE GUIDELINES FOR COMMUNITY FACILITIES DISTRICTS
Working Draft of May 14, 2004 Working Draft of August 11, 2004 Working Draft of September 8, 2004 CITY AND COUNTY OF HONOLULU DEPARTMENT OF BUDGET & FISCAL SERVICES ADMINISTRATIVE GUIDELINES FOR COMMUNITY
More informationFinance Tool for Townhome and Condo Association Improvements.
Community Development Department Housing Improvement Area Finance Tool for Townhome and Condo Association Improvements. A Housing Improvement Areas (HIA) is a defined area within a city where housing improvements
More informationForeclosure Issues. Decedent owned mortgaged property that is in foreclosure at time of death. Summary of issues
Foreclosure Issues Mortgagor -- borrower Estate or trust owned mortgaged property Foreclosure Issues in Trust and Estate Administration Donna L. Longhouse, J.D., LL.M. Fowler White Boggs P.A. 813-222-2091;
More information$2,193,000 VINTAGE TOWNSHIP PUBLIC FACILITIES CORPORATION SPECIAL REVENUE BONDS, SERIES 2007A. And
$2,193,000 VINTAGE TOWNSHIP PUBLIC FACILITIES CORPORATION SPECIAL REVENUE BONDS, SERIES 2007A And $1,279,000 VINTAGE TOWNSHIP PUBLIC FACILITIES CORPORATION SPECIAL REVENUE BONDS, SERIES 2007B (VINTAGE
More information11/5/2015. Kevin Heaney, Crowley Fleck, PLLP. Montana Land Title Association Fall Education Seminar
Montana Land Title Association 2015 Fall Education Seminar The Difference Between Mortgages and Trust Indentures in the Foreclosure Process November 5, 2015 Kevin Heaney, Crowley Fleck, PLLP Familiarize
More informationQUICK GUIDE TO NON-HOME RULE ENFORCEMENT: LEGAL STRATEGIES FOR TARGETTING BLIGHTED PROPERTY. A. Priority Liens for Abandoned Property
A Professional Corporation 140 South Dearborn Street, Suite 600 Chicago, IL 60603 www.ancelglink.com Brent O. Denzin bdenzin@ancelglink.com (P) 312.604-9164 (F) 312.782.0943 QUICK GUIDE TO NON-HOME RULE
More informationSubject to the following limitations: 40 years on a fully amortizing basis. Subject to market conditions.
HUD SECTION 221(D)4 MORTGAGE INSURANCE PROGRAM FOR NEW CONSTRUCTION AND SUBSTANTIAL REHABILITATION OF MARKET RATE RENTAL HOUSING Cambridge Realty Capital Companies and the HUD Section 221(d)4 Program provide
More informationManaging Broker Phone: Fax:
44 Townhome Sites FOR SALE Dan Flanagan, ALC Managing Broker Phone: 630 388 8522 Fax: 630 443 1239 email: Dan@FlanaganLand.com http://www.flanaganland.com Flanagan Realty, LLC represents the seller in
More informationacknowledgment addendum attorney fee provision choice-of-law provision consideration
acknowledgment A formal declaration made before an authorized person, e.g., a notary public, by a person who has executed an instrument stating that the execution was his or her free act. In this state
More informationGENESEE COUNTY LAND BANK AUTHORITY POLICIES
GENESEE COUNTY LAND BANK AUTHORITY POLICIES As Amended by the Board of Directors on April 18, 2018 Contents 1. Policies Governing the Acquisition of Properties... 3 2. Priorities Concerning the Disposition
More informationJOINT VENTURE AGREEMENT (INVESTOR AND INVESTOR)
Page 1 of 5 JOINT VENTURE AGREEMENT (INVESTOR AND INVESTOR) This Agreement is made [date], between [first party], of [address], in the City of, County of, State of, and [second party], of [address], in
More informationESCROW AGREEMENT - MAINTENANCE
ESCROW AGREEMENT - MAINTENANCE This ESCROW AGREEMENT (the Agreement ) is made and entered into this day of,, by and between the City of O Fallon, Missouri, a Missouri municipal corporation (hereinafter
More informationMark S. Meland Partner
Mark S. Mel Partner Transactional Matters, Condominium, Multi-Family Mixed-Use Development, Law Office: 305.358.6363, 305.375.6077 Fax: 305.358.1221 Email: mmel@melrussin.com About Mark S. Mel Mark S.
More informationDEED RESTRICTION AGREEMENT
DEED RESTRICTION AGREEMENT THIS DEED RESTRICTION AGREEMENT (the "Agreement") is entered into this day of, 2018 (the "Effective Date") by and between the Town of Vail, Colorado, a Colorado home rule municipality
More informationEscrow Basics. Chapter 6. Learning Objectives
Chapter 6 Escrow Basics Learning Objectives After reading this chapter, you will be able to: explain the basic regional differences of escrow instructions. define the general principles followed by all
More informationCity of Chicago Department of Community Development
City of Chicago Department of Community Development STAFF REPORT TO THE COMMUNITY DEVELOPMENT COMMISSION REQUESTING DEVELOPER DESIGNATION April14, 2009 I. PROJECT IDENTIFICATION AND OVERVIEW Project Name:
More informationAncillary Agreements in Real Estate Transactions Andrew R. Berman, Barry A. Hines, and Everett S. Ward 1
Ancillary Agreements in Real Estate Transactions Andrew R. Berman, Barry A. Hines, and Everett S. Ward 1 A. Introduction This article discusses certain ancillary but important documents in the context
More informationReal Estate 63-Hour Sales Associate Pre-Licensing Course. Topics Covered & Learning Objectives
Real Estate 63-Hour Sales Associate Pre-Licensing Course Topics Covered & Learning Objectives Lesson 1: Administrative Matters And Course Overview; The Real Estate Business Describe the various activities
More informationAppendix 1. Summary of properties. Newport, NSW
Appendix 1 Summary of properties Newport, NSW Newport, NSW Loan amount at appointment $9,217,867 Incomplete + The property consists of two luxury, partially completed waterfront, four level dwellings with
More information3 things about Livingstone s Guide to Business Valuation
Book Information 3 things about Livingstone s Guide to Business Valuation 1. Designed to provide an introduction for students not experienced with the subject 2. Also serves as a refresher for those familiar
More informationDistressed Real Estate Alert
September 22, 2009 Authors: Clifton M. Dugas, II clifton.dugas@klgates.com +1.214.939.4953 Eugene F. Segrest gene.segrest@klgates.com +1.214.939.4991 Matthew Lopez matthew.lopez@klgates.com +1.214.939.5683
More informationNew Rochelle Industrial Development Agency
New Rochelle Industrial Development Agency 515 North Avenue New Rochelle, New York 10801 (914) 654-2185 Uniform Application and Project Evaluation Criteria* * NOTE: Applicants should notify NRIDA staff
More informationPurchase of City-Owned Property Application * Department of Housing and Community Development Land Resources Division
Purchase of City-Owned Property Application * Department of Housing and Community Development Land Resources Division SUMMARY OF PROCESS The Baltimore City Department of Housing and Community Development
More informationSUBJECT: Unacceptable Assignment Conditions in Real Property Appraisal Assignments
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 ADVISORY OPINION 19 (AO-19) This communication by the Appraisal Standards Board (ASB) does not establish new standards
More informationOctober 1, 2012 thru December 31, 2012 Performance Report
Grantee: Miami, FL Grant: B-08-MN-12-0016 October 1, 2012 thru December 31, 2012 Performance Report 1 Grant Number: B-08-MN-12-0016 Grantee Name: Miami, FL LOCCS Authorized Amount: $12,063,702.00 Estimated
More informationMerrimack Valley MIDDLESEX NORTH REGISTRY OF DEEDS. Deeds, Mortgages, Foreclosures and Orders of Notice Recorded
Merrimack Valley University of Massachusetts Lowell Volume 7, Issue 10 October 2013 housingreport An e-publication of UMass Lowell and the Middlesex North Registry of Deeds MIDDLESEX NORTH REGISTRY OF
More information$20,160,000 FINAL ISSUANCE AMOUNT CLOSED 5/4/2017 PAB CONDUIT. $20,160,000 The Lodge of Northbrook, Inc.
$20,160,000 FINAL ISSUANCE AMOUNT CLOSED 5/4/2017 PAB CONDUIT April 13, 2017 $20,160,000 The Lodge of Northbrook, Inc. REQUEST Purpose: Bond proceeds will be used by The Lodge of Northbrook, Inc. (the
More informationFreddie Mac Condominium Unit Mortgages
For all mortgages secured by a Condominium Unit in a Condominium Project, the Seller must perform an underwriting review of the Condominium Project to ensure the mortgage and the project meet the requirements
More informationMarshall S. Wolff. Partner
Marshall S. Wolff Partner Marshall S. Wolff has developed a broad and diverse business practice in which he advises clients in real estate, in commercial law matters, in workouts and business reorganizations,
More informationLOUISIANA HOUSING CORPORATION QUALIFIED CONTRACT PROCESSING GUIDELINES
LOUISIANA HOUSING CORPORATION QUALIFIED CONTRACT PROCESSING GUIDELINES The Louisiana Housing Corporation (the LHC ) is successor in interest to the Louisiana Housing Finance Agency (the LHFA ) and is now
More informationShopoff Properties Trust, Inc.
Shopoff Properties Trust, Inc. Property Report and Financial Summary Fund Overview Shopoff Properties Trust, Inc. and its consolidated subsidiaries currently own land planned for residential and retail
More informationChicago Title Insurance Company
Chicago Title Insurance Company COMMITMENT FOR TITLE INSURANCE Issued by Chicago Title Insurance Company Chicago Title Insurance Company, a Nebraska Corporation ('Company'), for a valuable consideration,
More information60-HR FL Real Estate Broker Post-Licensing Learning Objectives by Lesson
Lesson 1: Starting a Real Estate Office SECTION 1: BROKERAGE OFFICE ESSENTIALS Recall the characteristics of business entities that may register as a real estate brokerage and the rules involved to operate
More informationBuyer s Initials Seller s Initials DRAFT G. SHORT SALE APPROVAL CONTINGENCY
G. SHORT SALE APPROVAL CONTINGENCY 1. Approval of Seller s Lender(s) and Requirements for Seller s Approval of Short Sale. This Contract is contingent upon: (a) Seller s lender(s) and all other lien holder(s)
More informationDATE: June 25, 2014 TO:
DATE: June 25, 2014 TO: Board of Commissioners FROM: Patrick Quinton, Executive Director SUBJECT: Report Number 14-25 Authorizing the Executive Director to Execute a Purchase and Sale Agreement Granting
More informationReinvesting With 1031 Exchange
Reinvesting With 1031 Exchange SEMINAR OUTLINE: Introduction and Learning Objectives... 2 1031 Exchange Rules: Myth or Fact?... 2 Non-Qualifying Replacement Property... 3 Exchanges with Special Challenges...
More informationCenter for Creative Land Recycling. Education Series: Financing Municipal Redevelopment
Center for Creative Land Recycling Education Series: Financing Municipal Redevelopment 1 The Value of Time in Risk Management Affects of Risk on the Cost of Capital; The Capital Stack: Equity, Mezzanine,
More informationDEED RESTRICTION AGREEMENT FOR THE OCCUPANCY AND TRANSFER OF CHAMONIX VAIL RESIDENTIAL DWELLING UNITS
DEED RESTRICTION AGREEMENT FOR THE OCCUPANCY AND TRANSFER OF CHAMONIX VAIL RESIDENTIAL DWELLING UNITS THIS DEED RESTRICTION AGREEMENT (the "Agreement") is entered into this day of, 201_ (the "Effective
More informationCity of Exeter Housing Element
D. Housing Stock Characteristics Government Code Section 65583(a) requires an analysis and documentation of household characteristics, including level of payment compared to ability to pay, housing characteristics,
More informationCHAUTAUQUA COUNTY LAND BANK CORPORATION
EXHIBIT H CHAUTAUQUA COUNTY LAND BANK CORPORATION LAND ACQUISITION AND DISPOSITION POLICIES AND PRIORITIES November 14, 2012 *This document is intended to provide guidance to the Chautauqua County Land
More informationMINUTES LONGBOAT KEY TOWN COMMISSION SPECIAL WORKSHOP APRIL 24, 2013
MINUTES LONGBOAT KEY TOWN COMMISSION SPECIAL WORKSHOP APRIL 24, 2013 Present: Also: Present: Electronic Participation: Mayor Jim Brown, Vice Mayor David Brenner, Commrs. Terry Gans, Lynn Larson, Phill
More informationSYLLABUS. Law REAL ESTATE TRANSACTIONS AND LITIGATION. II. REAL ESTATE BROKERS AND SALES AGENTS (August 27; September 3)
SYLLABUS Law 257 - REAL ESTATE TRANSACTIONS AND LITIGATION I. COURSE OVERVIEW/INTRODUCTION (August 27) II. REAL ESTATE BROKERS AND SALES AGENTS (August 27; September 3) A. INTRODUCTION B. SOURCES OF RELEVANT
More informationRobert L. Muller II. Redacted Peachtree City, GA 30269
Robert L. Muller II Redacted Peachtree City, GA 30269 (770) Redacted Redacted@gmail.com Objective: Accomplished corporate/commercial real estate professional with three decades of experience in all areas
More informationFORM OF ESTOPPEL CERTIFICATE ESTOPPEL CERTIFICATE
EXHIBIT W FORM OF ESTOPPEL CERTIFICATE ESTOPPEL CERTIFICATE This Estoppel Certificate (this Estoppel Certificate ), dated as of, 201[_][TO BE DATED NOT EARLIER THAN TEN (10) DAYS PRIOR TO THE CLOSING DATE],
More informationCOMMERICAL PURCHASE AGREEMENT
COMMERICAL PURCHASE AGREEMENT Each commercial transaction is different. This form may not address your specific purpose. This is a legally binding document. If not understood, seek competent advice before
More informationREAL ESTATE INVESTING GUIDE. Combine IRA tax advantages with real estate investment opportunities.
REAL ESTATE INVESTING GUIDE Combine IRA tax advantages with real estate investment opportunities. INTRODUCTION The IRS allows an IRA, Solo 401(k), or HSA to acquire real estate as an asset without penalty
More information2014 WLTA Educational Seminar Everett November 1, 2014 Closing When Property is Affected by Bankruptcy and Receivership
2014 WLTA Educational Seminar Everett November 1, 2014 Closing When Property is Affected by Bankruptcy and Receivership Dwight A. Bickel Regional Counsel FIDELITY NATIONAL TITLE GROUP October 20, 2012
More informationCOUNTY LAND REUTILIZATION CORPORATION. Summary of Ohio Statutory Foreclosure Proceedings
Form XI-4 COUNTY LAND REUTILIZATION CORPORATION Summary of Ohio Statutory Foreclosure Proceedings TABLE OF CONTENTS 323.25 FORECLOSURE Commencing a 323.25 Co. Treasurer Foreclosure Action Right of Redemption
More informationEXHIBIT C Page 1 of 6. October 15, 2015
Page 1 of 6 Mr. Brantley Henderson Director of Multifamily Programs Florida Housing Finance Corporation 227 North Bronough Street, Suite 5000 Tallahassee, FL 32301 Re: Northbridge Apartment Homes on Millenia
More informationStandard Lender Information Report * Sample Only - Not Valid Data *
Standard Lender Information Report * Sample Only - t Valid Data * Home/Unit Information Assessments & Fees Description Amount Payable Regular Assessment: $435.00 Monthly Reserves contribution. $5,000.00
More informationMultifamily Housing Preservation and Receivership Act
Multifamily Housing Preservation and Receivership Act OVERVIEW OF THE MULTIFAMILY HOUSING PRESERVATION AND RECEIVERSHIP ACT, P.L.2003, C.295 The following is an overview of the principal provisions of
More informationOrdinance No Affordable Housing Ordinance Borough of Glen Ridge, Essex County
Ordinance No. 1705 Affordable Housing Ordinance Borough of Glen Ridge, Essex County CHAPTER 57 AFFORDABLE HOUSING DEVELOPMENT FEES 57-1.1 Findings and Purpose. a. The New Jersey Supreme Court, in Holmdel
More informationBUYER INFORMATION REPORT
7 SIMMONSVILLE ROAD, SUITE 200 BLUFFTON, SOUTH CAROLINA 29910 (T) 843-706-2896 (F) 843-706-2894 BUYER INFORMATION REPORT Please review each item below carefully and fill out this form as completely as
More informationMISSION STATEMENT LCLB PURPOSE PRIORITIES & POLICIES. 1. Policies Governing the Acquisition of Properties
MISSION STATEMENT The LAWRENCE COUNTY LAND BANK (LCLB) will strategically acquire distressed properties and return them to productive, tax-paying use. The LCLB will: reduce blight; stabilize neighborhoods
More informationOctober 5, 2018 CUSIP NUMBERS AC AE AD 0 1
October 5, 2018 NOTICE TO HOLDERS OF THE $17,205,000 TAX EXEMPT SENIOR LIEN PARKING RAMP REVENUE BONDS (FOURTH AND MINNESOTA PARKING RAMP PROJECT) SERIES 2000-1 and 2000-7 and the $4,600,000 TAXABLE SUBORDINATE
More informationTOWN OF LOCKPORT INDUSTRIAL DEVELOPMENT AGENCY APPLICATION FOR FINANCIAL ASSISTANCE
TOWN OF LOCKPORT INDUSTRIAL DEVELOPMENT AGENCY APPLICATION FOR FINANCIAL ASSISTANCE Section I: Applicant Information Please answer all questions. Use None or Not Applicable where necessary. A) Applicant
More informationREPORT. For the Agenda of May 20, 2005
REPORT DATE ISSUED: May 13, 2005 ITEM 104 REPORT NO.: SUBJECT: HCR05-47 For the Agenda of May 20, 2005 Final Authorization to Issue Multifamily Housing Revenue Bonds for Fairbanks Ridge Apartments (Council
More informationYour Guide to Real Estate in an IRA
Tim Conarro Summit Commercial Brokers PO Box 9 Niwot CO 80544 303-746-1490 www.longmont-commercial-realestate.com Your Guide to Real Estate in an IRA Information is provided by New Direction IRA, Inc.
More informationPENNSYLVANIA HOUSING FINANCE AGENCY (2019 UNDERWRITING APPLICATION)
DEVELOPMENT COST LIMITS The development costs, fees, and expenses contained herein are the maximum amounts that may be included in total development cost and, if applicable, the Tax Credit eligible basis
More informationJanuary 1, 2013 thru March 31, 2013 Performance Report
Grantee: Pinellas County, FL Grant: B-11-UN-12-0015 January 1, 2013 thru March 31, 2013 Performance Report 1 Grant Number: B-11-UN-12-0015 Grantee Name: Pinellas County, FL Grant Amount: $4,697,519.00
More informationThe Basics of Municipal Leasing
The Basics of Municipal Leasing 38 th Annual AGLF Conference May 2, 2018 Chicago, Illinois David G. Roeder, SVP Texas Capital Bank, N.A. How do State & Local Governments Traditionally Raise Capital? 1.
More informationFinding AMP Content in the Missouri Courses
1 Finding AMP Content in the Missouri Courses AMP administers the real estate licensing exam in MO. They provide a Candidate Handbook that contains a content outline for the examination content. http://documents.goamp.com/publications/candidatehandbooks/morephandbook.pdf
More informationA. This ordinance shall not be effective until approved by COAH pursuant to NJAC 5:
CHAPTER 10 COAH (COUNCIL ON AFFORDABLE HOUSING) Section 10.1 - PURPOSE A. In Holmdel Builder s Association v Holmdel Township, 121 NJ 550 (1990), the New Jersey Supreme Court determined that mandatory
More informationResidential Property Owner Handbook. Version 11.1 August 2017
Residential Property Owner Handbook Version 11.1 August 2017 Table of Contents 1 PROGRAM INTRODUCTION 4 1.1 PROGRAM OVERVIEW 4 1.2 PROGRAM CONTACT INFORMATION 4 1.3 PROGRAM CALL CENTER HOURS 5 1.4 HELPFUL
More information